Cineworld Group PLC, one of the world's largest movie theatre chains, said Monday that it is considering filing for Chapter 11 bankruptcy protection in the U.S. and similar actions elsewhere.
The British company, which owns Regal Cinemas in the United States and operates in 10 countries, said bankruptcy is one option it is weighing to help preserve a business that has struggled to rebound from the impact of COVID-19 restrictions.
Company shares tumbled 58% Friday after The Wall Street Journal reported that the company was preparing to file for bankruptcy within weeks. In March, the company said COVID-19 closures in the first part of last year took a toll, reporting a $565.8 million loss after taxes and debt of $4.8 million. It also took a hit from terminating its 2020 takeover of Canadian movie theater company Cineplex Inc. A court in Ontario agreed with Cineplex that the British company breached its obligations and awarded 1.23 billion Canadian dollars in damages. Cineworld has appealed.
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